First Legacy Transaction Since Receiving Class 3A Insurer Licence

December 14, 2020 – Carrick Specialty Holdings LLC (“The Carrick Group” or “Carrick”), an international non-life legacy business providing reinsurance and run-off management solutions, today announced that its UK-based subsidiary, Carrick UK Holdings Company Limited, has acquired the London-based reinsurance company Community Reinsurance Corporation Limited (“Community Re”) from Hampden PLC. The acquisition is Carrick’s first legacy transaction since Carrick Re Ltd, the company’s wholly owned reinsurance subsidiary, received its Class 3A insurer licence from the Bermuda Monetary Authority earlier this year. Terms were not disclosed.

“Today’s news reflects two important steps forward in Carrick’s strategy,” said Karl Wall, Chief Executive Officer at Carrick. “Through the completion of our first legacy transaction and the licencing of Carrick Re, we are well situated to offer customers a professional and disciplined approach to reinsurance and run-off finality solutions. We look forward to welcoming the talented team at Community Re to the Carrick family and working together to grow our platform.”

The Carrick Group has received initial capital of $100 million from Sequentis Financial LLC (“Sequentis”), a financial services holding company whose businesses include other insurance operating companies and a multi-billion dollar investment management firm.

Stuart Zimmer, Chairman and Chief Executive Officer at Sequentis, said, “I am delighted that The Carrick Group has completed its first transaction and that Carrick Re is able to provide reinsurance solutions to the legacy business. We look forward to supporting Karl and his team in growing Carrick into a leading player in the run-off industry.”

The Carrick Group was founded in 2019 by Wall, a run-off industry veteran who served for eight years as President and CEO of Enstar (US) Inc. The company’s highly experienced management team includes several former Enstar Group executives: Richard Harris, Group Chief Financial Officer; Thomas Nichols, Group Head of Mergers & Acquisitions and US Chief Financial Officer; and Phil Hernon, UK and European Managing Director. Peter Lies, formerly of CNA, serves as Group President.